The Australian share market has closed around 0.7 per cent lower as the stoush between the Turnbull government and the big banks over a proposed $6.2 billion levy on big financial institutions weighed on investors' minds.
The new bank levy has opened a Pandora's box that leaves Australia's biggest financial institutions exposed to even higher costs in future, according to a leading industry analyst.
Big banks have warned that customers and shareholders will carry the cost of the federal government's surprise $6.2 billion levy on Australia's largest financial institutions.
Commonwealth Bank shares have taken their biggest one-day hit in almost two years after third-quarter cash earnings of about $2.4 billion failed to offset investor worries over a possible new bank tax in the budget.
The Australian share market has snapped a four-day losing streak, after encouraging US jobs data, the election of pro-European centrist Emmanuel Macron as French president, and other factors buoyed investors.
The balancing act that allowed Australia's big four banks to lift their combined first-half cash profit to $15.6 billion is getting more precarious, analysts say.
National Australia Bank has lifted first-half profit to $3.29 billion while putting more money aside for soured loans amid an impending oversupply of east coast apartments.
ANZ Banking Group shares have tumbled as much as 3 per cent after the lender fell short of most analysts' expectations with a first-half profit of $3.4 billion.
Rising fuel and home prices have helped lift headline inflation into the Reserve Bank of Australia's target band for the first time in more than two years.
Financial services provider Pioneer Credit has raised $20 million from investors to fund the purchase of a $14 million debt portfolio, with long-term shareholder Banksia Capital selling its 9.75 per cent stake at the same time.
The Reserve Bank of Australia has been forced to fire a stern warning at mortgage lenders, knowing any change to interest rates is a risk to fragile economic growth, economists say.
The banking regulator has capped interest-only mortgage lending and is prepared to take more action to address growing price and debt risks in the Australian housing market.
Perth-based share registry business Automic Registry Services wants to double its market share this year after making a substantial investment in a new cloud-based platform.
West Perth-based hedge fund NWQ Capital Management has revealed it will be targeting the huge US financial sector with a new offshore fund, on the same day it announced former Bennelong Funds director of consultant relationships Tara Bell would be appointed managing director of research.
ANZ Banking Group and Commonwealth Bank of Australia have raised mortgage rates, with all four of Australia's big banks now having moved out-of-cycle since the US Federal Reserve hiked its cash rate last week.
Western Australia is driving a nationwide rise in Australians who are falling behind on home loan repayments, according to a report by ratings agency Standard & Poor's.
Royal Automobile Club of WA members will be eligible for a 5 per cent discount on health insurance cover through a new partnership with national provider HCF.
ANZ Banking Group says it will try to find new jobs for the approximately 180 employees at its share trading business that has been sold to UK-listed CMC Markets.
Australian Finance Group chief executive Brett McKeon will step aside after 23 years at the helm of the mortgage broker, after leading the company from its founding to an IPO in 2015 and winning the 2006 EY Entrepreneur of the Year Award for WA.
QBE chief executive John Neal has had his pay docked by more than $500,000 over what the insurer called his "personal decisions", despite him leading the company to a 22 per cent increase in full-year profit.
Stockbroker and funds manager Euroz has beaten expectations for its interim profit result, which was achieved on the back of an improved performance of its Euroz Securities business and increase in the share prices of its listed investment companies.
ANZ Banking Group chief executive Shayne Elliott is optimistic about prospects for the rest of the financial year after the lender lifted its first-quarter cash profit 31 per cent to $2 billion.
Medibank Private has lifted half-year profit 1.9 per cent to $231.9 million as higher investment income offset lower returns from its core health insurance business.
WHL Energy has cleared the way to reinvent itself as a technology business after raising $5 million from investors ahead of its reverse takeover of Perth-based Quantify Technology.
